Payment systems worldwide are undergoing significant transformation due to ISO 20022 and the introduction of real-time (or Instant or Fast) payments.

Cross-border payments, High value (RGTS) payments, and instant payments along with many ACH systems like SEPA, will all be using ISO 20022 based message formats, globally. This means by 2026, 80% of global payments will be in ISO 20022 format, especially for major currencies. This will significantly transform the payment landscape. All banks and vendors will be able to provide SWIFT, faster or instant, RTGS, and ACH payments in ISO standard formats. With popularity of scalable cloud technologies, containerisation and microservices, scalable payment platforms will be “standardised” and commonplace.

In addition, due to increasing fraud and financial crime, regulators are increasing the number of checks for sanctions screening, AML, KYC, and fraud. This means an efficient, integrated, and seamless financial crime compliance check is now a mandatory requirement within any payment solution – on-cloud or on-premise. 

Pelican AI provides one component-based integrated system to manage payments, compliance, and fraud checks. This allows for a single view of all data, enabling corrective action to meet strict processing times, along with the ability to have one common view of the customer transactions for both payments and compliance. (Essential for Faster or Instant payments.)

Pelican AI’s Digital Payments Hub allows banks to be highly efficient in their processing environment and compete with Fintechs and other banks at the same time as effectively meeting regulatory requirements with very low false positives and all within one single instance of Pelican.

Payments optimisation and monetisation

Payments analytics and monitoring: AI can significantly improve monitoring. From providing better customer service to categorising payments and statements through to intelligently matching them.  Providing insight into customer behaviour as well as improving fraud detection and prevention.

Insight and recommendations: In addition, through valuable data insights, led by historical information and ISO 20022 payments data, a business can improve profitability, optimise revenue, and cut costs. 

Improve process optimisation and reduce friction and associated costs: By using AI to perform continuous learning, machine readable data can then be used to update models dynamically. This can support operational efficiencies by reducing manual effort (e.g., auto repair and enrichment).

Data monetisation: Leading firms are now using various AI techniques such as machine learning and NLP to monetise the data itself by detailed insight into customer payments and statements. 

Real-Time Payments

Pelican Fast is the in-built real-time payments and compliance functionality within Digital Payments Hub. It allows you to add instant payments functionality to current infrastructure while retaining existing investments in legacy systems.

Providing quick access to the liquidity and service benefits of real-time transactions without the traditional implementation challenges and costs.

Regardless of the standard you are using, Pelican’s Open Banking solution enables multiple payment initiation schemes for better connectivity and payments processing.  

Our API solution provides a comprehensive suite of dynamic API capabilities for ASPSPs and third-party providers (TPPs). So that you can adhere to or participate in open banking initiatives such as the revised Payment Services Directive (PSD2) in Europe, and the Open Banking Standard (OBS) in the UK.